Raine21

Raine21

I have £6,000 I want to invest - I am a cautious new investor and I would like to invest in an ethical bank. Whilst looking around I came across My Community Bank - has anyone heard of or had experience of this bank at all?

Alistair31

An ethical bank ?

Good luck with that

Zanderman

There are a few ethical banks - Coop are in theory though not quite as convincing now they're owned by hedge funds. And Triodos are certainly ethical but don't offer particularly good returns.

My Community Bank is a relatively new branding for a (group of) Credit Unions - and credit unions are, again in theory at least, fairly ethical, in that they lend responsibly. They're not actually a bank - but they do have full FSCS protection for investments up to 85k the same as banks.

And MCBank do offer fairly competitive savings accounts too. Compared to most banks and indeed most credit unions. MCBank's 'common bond' (required if you want to join up) is fairly broad so most people could apply.

Not tried them myself but see no reason not too if I had some spare cash - esp to stlck into one of their term accounts. But i don't at present! I do have several thousands savings in fixed term savings with RetailCURE, another re-branded credit union so I do have faith in the credit union concept.

MisterMotivated

AFAIK, they're a credit union rather than a bank. A quick Google search on ethical banks in the UK didn't return any results (on the first page) that included them, though there were others suggested.

jimjames

Do you really mean invest or do you want savings?

BTW it may help replies if you edit the title of your thread to something other than your username

AnotherJoe

What JJ said.
To invest in a bank implies you'd want to buy shares in them but I presume you mean, you want to save with the bank?
And yes when creating a thread "title" means the title of your post, such as "is bank name any good" not your username title.

Raine21

Thanks to everyone who replied, you were very helpful. Apologies to those irked by my inexperience, both with the use of this forum and savings-related terminology - I will do better in future!

xylophone

Apologies to those irked by my inexperience, both with the use of this forum and savings-related terminology

I am sure nobody is irked - other posters just wanted to check on your objectives.

Do you really want to start investing (for the long term and you need to be able to weather the ups and downs of the market)?

https://www.vanguardinvestor.co.uk/need-help/answer/do-you-have-ethical-funds

Have a look at

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa

https://www.moneyobserver.com/fund/Vanguard-SRI-Global-Stock-GBP-Acc

https://monevator.com/sri-investing-what-you-need-to-know/

Or do you want to save in some form of deposit account?